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Miguel Armaza sits down with Michael Calvey, legendary investor and founder of Baring Vostok, for a deep-dive into the world of emerging markets investing, fintech, and entrepreneurial leadership. Michael’s career is a masterclass in navigating volatility: from growing up in Oklahoma’s oil culture, to surviving Russia’s 98% market crash, to founding one of the most successful private equity firms in the region and backing early-stage decacorns like Yandex, Kaspi, Tinkoff, and Revolut.

In this episode, Michael reveals playbook-level insights into:

Emerging Markets Investing: Why “the cardinal sin” is borrowing in dollars and investing in local currency, and how his team survived Russia’s sovereign default—and seized contrarian opportunities when everyone else exited.
Building Baring Vostok: The journey from a startup team in Moscow to investing $10 billion, nurturing talent density, and adapting to seismic geopolitical shifts.
Backing Legendary Fintechs: The inside story behind seed-stage investments in Kaspi, Yandex, Revolut, Tinkoff, and more—what he saw in founders like Mikhail Lomtadze and Arkady Volosh that others missed.
Investing Philosophy: Why Calvey now prefers concentrated bets and hands-on ownership (but not hands-on management), the importance of partnership, and why "watering the flowers, cutting the weeds" is essential for fund success.
Founder Patterns: What separates builders who win from those just chasing money, the “helicopter quality” he seeks, and how culture shapes products and company success—even across radically different teams.
Managing Geopolitical Risk: Lessons learned from being detained by Russia’s secret service, when talent density can’t overcome war, and why Mexico is now a hotspot for fintech innovation.
Global VC Wisdom: The power of fun at work, continually stacking new S-curves, and adapting as an investor to founders—not the other way around.

Plus, hear Michael’s advice for entrepreneurs looking to replicate the “Caspi Model,” his reflections on global investing trends, and personal stories from Russia’s wild ‘90s to thriving in Mexico’s fintech ecosystem.

Tune in for one of the most influential voices in international venture and private equity—a true masterclass on investing, building, and thriving amid uncertainty.

Timestamped Overview
00:00 From Oklahoma to Russia - Intro & Michael’s Background
10:32 Building an Elite Emerging Markets Team
14:36 Geopolitics, Economics, and Market Resilience
20:25 Fewer Investments, Better Focus
24:08 Successful Entrepreneurs Value Purpose
28:47 Management KPIs and Key Insights
33:45 3 Cs of Ownership Focus
42:53 Marketplace vs. Fintech Growth Dynamics
44:02 Marketplace Dominance and Financial Complexity
52:25 Emerging Markets: Talent vs. Geopolitics
54:51 Emerging Markets and Fintech Ventures
01:00:20 Medici Family: Banking and Intrigue
01:05:59 Starting Over as Entrepreneur

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Miguel Armaza is Co-Founder and General Partner of Gilgamesh Ventures, a seed-stage investment fund focused on fintech in the Americas. He also hosts and writes the Fintech Leaders podcast and newsletter.

Miguel on LinkedIn: https://bit.ly/3nKha4Z
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Michael Calvey: The Investor Behind Multiple $20+ Billion Companies

Fintech Leaders

Michael Calvey: The Investor Behind Multiple $20+ Billion Companies